Helmont House in Cardiff under new ownership following £23.15m deal

Helmont House in Cardiff has been sold by Rightacres to Cordea Savills

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The sale of one of Wales’ largest commercial buildings has been finalised in a £23.15m deal.

International property fund manager Cordea Savills has acquired the freehold interest in Helmont House – an office and hotel development in the centre of Cardiff . The deal reflects an initial yield of 8%.

The Cardiff office of Savills acted for Cordea Savills on the deal.

In addition they have also acted for a South Wales- based property company in acquiring a long leasehold industrial estate investment in Swansea for £1.2m representing a net initial yield of 13.7%.

Tenants at the 170,000 sq ft Helmont House include Bluefin Management services, Nathaniel Lichfield and Partners, New Law and the Big Lottery Fund.

It also includes a 200 bedroom Premier Inn hotel.

Clarion Close Industrial Estate in Swansea extends to 52,342 sq ft.

Ross Griffin, associate director of investment at Savills Cardiff, said: “The demand from national fund investors looking to acquire large assets such as Helmont House reflects a strong appetite for good quality assets that are strategically well located and where they provide an attractive pricing differential between the regions and London and south east of England.

“These acquisitions are both on a very different size and scale but both illustrate the confidence in Wales as a potential growth area for investors and is a hugely positive sign following limited investment activity and demand over the last few years.

“We anticipate activity from such institutions will encourage more sellers to come forward.”

Helmont House was sold by Cardiff property development company Rightacres Property, while a private London property company was the vendor of Clarion Close in Swansea.